Cycles and Transformation
This article offers a new analysis of China’s politico-economic system from a world-systems perspective. My basic argument is that the novelty of China’s system is not, as McNally (2020) argues, its hybrid fusion of neoliberal market dynamics with strong centralized political control. China’s real...
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| Format: | Article |
| Language: | English |
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University Library System, University of Pittsburgh
2023-08-01
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| Series: | Journal of World-Systems Research |
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| Online Access: | http://jwsr.pitt.edu/ojs/jwsr/article/view/1172 |
| _version_ | 1827862345036070912 |
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| author | Lewis Michael Birley |
| author_facet | Lewis Michael Birley |
| author_sort | Lewis Michael Birley |
| collection | DOAJ |
| description |
This article offers a new analysis of China’s politico-economic system from a world-systems perspective. My basic argument is that the novelty of China’s system is not, as McNally (2020) argues, its hybrid fusion of neoliberal market dynamics with strong centralized political control. China’s real historical significance comes from the combination of a centralized, state controlled financial governance structure that is highly insulated from the control of outside actors situated within China’s large extended geo-space. I argue that China’s intense state control of economic reality, and especially its “internalization” of financial institutions within its state architecture, can be seen as an adaptive strategy that makes sense from the perspective of the long term development of governance within the capitalist system. I then conclude with observations around the possible consequences for established core powers of China’s structural separation and power in the financial realm.
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| first_indexed | 2024-03-12T13:53:51Z |
| format | Article |
| id | doaj.art-5cd653e6583c421f8a28ae3f00900ff8 |
| institution | Directory Open Access Journal |
| issn | 1076-156X |
| language | English |
| last_indexed | 2024-03-12T13:53:51Z |
| publishDate | 2023-08-01 |
| publisher | University Library System, University of Pittsburgh |
| record_format | Article |
| series | Journal of World-Systems Research |
| spelling | doaj.art-5cd653e6583c421f8a28ae3f00900ff82023-08-22T18:00:32ZengUniversity Library System, University of PittsburghJournal of World-Systems Research1076-156X2023-08-0129210.5195/jwsr.2023.1172Cycles and TransformationLewis Michael Birley0Aberystwyth University This article offers a new analysis of China’s politico-economic system from a world-systems perspective. My basic argument is that the novelty of China’s system is not, as McNally (2020) argues, its hybrid fusion of neoliberal market dynamics with strong centralized political control. China’s real historical significance comes from the combination of a centralized, state controlled financial governance structure that is highly insulated from the control of outside actors situated within China’s large extended geo-space. I argue that China’s intense state control of economic reality, and especially its “internalization” of financial institutions within its state architecture, can be seen as an adaptive strategy that makes sense from the perspective of the long term development of governance within the capitalist system. I then conclude with observations around the possible consequences for established core powers of China’s structural separation and power in the financial realm. http://jwsr.pitt.edu/ojs/jwsr/article/view/1172CapitalismChinaGovernanceTransformation |
| spellingShingle | Lewis Michael Birley Cycles and Transformation Journal of World-Systems Research Capitalism China Governance Transformation |
| title | Cycles and Transformation |
| title_full | Cycles and Transformation |
| title_fullStr | Cycles and Transformation |
| title_full_unstemmed | Cycles and Transformation |
| title_short | Cycles and Transformation |
| title_sort | cycles and transformation |
| topic | Capitalism China Governance Transformation |
| url | http://jwsr.pitt.edu/ojs/jwsr/article/view/1172 |
| work_keys_str_mv | AT lewismichaelbirley cyclesandtransformation |